Pulmonx Reports Third Quarter 2024 Financial Results
Pulmonx (LUNG) reported Q3 2024 financial results with worldwide revenue of $20.4 million, up 15% year-over-year. U.S. revenue grew 17% to $13.8 million, while international revenue increased 12% to $6.6 million. The company maintained a gross margin of 74% and reported a net loss of $14.1 million ($0.36 per share). Operating expenses increased 3% to $29.2 million. The company added 15 new Zephyr Valve treatment centers and maintains its full-year 2024 revenue guidance of $81-84 million with expected gross margin of 74%.
Pulmonx (LUNG) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato globale di 20,4 milioni di dollari, in aumento del 15% rispetto all’anno precedente. Il fatturato negli Stati Uniti è cresciuto del 17% a 13,8 milioni di dollari, mentre il fatturato internazionale è aumentato del 12% a 6,6 milioni di dollari. L'azienda ha mantenuto un margine lordo del 74% e ha riportato una perdita netta di 14,1 milioni di dollari (0,36 dollari per azione). Le spese operative sono aumentate del 3% a 29,2 milioni di dollari. L'azienda ha aggiunto 15 nuovi centri di trattamento Zephyr Valve e mantiene le previsioni di fatturato per l'intero anno 2024 tra 81 e 84 milioni di dollari, con un margine lordo previsto del 74%.
Pulmonx (LUNG) reportó resultados financieros del tercer trimestre de 2024 con ingresos globales de 20,4 millones de dólares, un aumento del 15% en comparación con el año anterior. Los ingresos en EE. UU. crecieron un 17% a 13,8 millones de dólares, mientras que los ingresos internacionales aumentaron un 12% a 6,6 millones de dólares. La empresa mantuvo un margen bruto del 74% y reportó una pérdida neta de 14,1 millones de dólares (0,36 dólares por acción). Los gastos operativos aumentaron un 3% a 29,2 millones de dólares. La empresa añadió 15 nuevos centros de tratamiento Zephyr Valve y mantiene su guía de ingresos para todo el año 2024 entre 81 y 84 millones de dólares, con un margen bruto esperado del 74%.
Pulmonx (LUNG)는 2024년 3분기 재무 결과를 보고하며 전 세계 수익이 2040만 달러로, 전년 대비 15% 증가했다고 발표했습니다. 미국 수익은 17% 증가하여 1380만 달러에 이르렀고, 국제 수익은 12% 증가하여 660만 달러에 도달했습니다. 회사는 74%의 총 마진을 유지했으며 1410만 달러의 순손실(주당 0.36 달러)을 보고했습니다. 운영 비용은 3% 증가하여 2920만 달러에 이르렀습니다. 회사는 15개의 새로운 Zephyr Valve 치료 센터를 추가했으며, 2024년 전체 연도 수익 가이드를 8100만~8400만 달러로 유지하고, 예상 총 마진은 74%입니다.
Pulmonx (LUNG) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec des revenus mondiaux de 20,4 millions de dollars, en hausse de 15% par rapport à l'année précédente. Les revenus aux États-Unis ont augmenté de 17% pour atteindre 13,8 millions de dollars, tandis que les revenus internationaux ont augmenté de 12% pour s'élever à 6,6 millions de dollars. L'entreprise a maintenu une marge brute de 74% et a signalé une perte nette de 14,1 millions de dollars (0,36 dollar par action). Les dépenses d'exploitation ont augmenté de 3% pour atteindre 29,2 millions de dollars. L'entreprise a ajouté 15 nouveaux centres de traitement Zephyr Valve et maintient ses prévisions de revenus pour l'année 2024 entre 81 et 84 millions de dollars, avec une marge brute attendue de 74%.
Pulmonx (LUNG) berichtete über die finanziellen Ergebnisse des 3. Quartals 2024 mit einem weltweiten Umsatz von 20,4 Millionen Dollar, ein Anstieg um 15% im Vergleich zum Vorjahr. Der Umsatz in den USA wuchs um 17% auf 13,8 Millionen Dollar, während der internationale Umsatz um 12% auf 6,6 Millionen Dollar anstieg. Das Unternehmen hielt eine Bruttomarge von 74% und meldete einen Nettoverlust von 14,1 Millionen Dollar (0,36 Dollar pro Aktie). Die Betriebskosten stiegen um 3% auf 29,2 Millionen Dollar. Das Unternehmen fügte 15 neue Behandlungszentren für Zephyr Valve hinzu und hält seine Umsatzprognose für das Gesamtjahr 2024 zwischen 81 und 84 Millionen Dollar mit einer erwarteten Bruttomarge von 74% bei.
- Worldwide revenue increased 15% YoY to $20.4 million
- U.S. revenue grew 17% YoY to $13.8 million
- International revenue increased 12% YoY to $6.6 million
- Maintained strong gross margin at 74%
- Added 15 new treatment centers in Q3
- 77.6% success rate in AeriSeal CONVERT trial
- Net loss of $14.1 million in Q3 2024
- Operating expenses increased 3% to $29.2 million
- Adjusted EBITDA loss of $8.1 million
Insights
Pulmonx delivered a mixed Q3 2024 performance with notable revenue growth but continued losses.
While operating expenses increased modestly by
The expansion of 15 new Zephyr Valve treatment centers demonstrates strong market penetration and physician adoption. Two significant clinical milestones strengthen the product's value proposition: The AeriSeal CONVERT trial showing
REDWOOD CITY, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive treatments for lung disease, today reported financial results for the third quarter of 2024 ended September 30, 2024.
Recent Highlights
- Achieved worldwide revenue of
$20.4 million in the third quarter of 2024, a15% increase over the same period last year - Delivered
$13.8 million in U.S. revenue in the third quarter of 2024, representing17% year-over-year growth - Realized gross margin of
74% in the third quarter of 2024 - Added 15 new Zephyr® Valve U.S. treatment centers in the third quarter of 2024
- 6-month data from the AeriSeal® CONVERT trial demonstrated
77.6% of patients with collateral ventilation experienced conversion - Long-term data from the LIBERATE study demonstrated positive, durable benefits to patients treated with Zephyr® Valves out to at least 5 years
“I am pleased with our team’s continued execution across several key commercial and clinical initiatives designed to increase patient access to our life changing Zephyr Valve treatment,” said Steve Williamson, President, and Chief Executive Officer. “We remain confident in the strong underlying demand for Zephyr Valves. I believe our efforts to automate patient workflow through our LungTraX platform, drive awareness among patients and referring physicians, and expand our total addressable market will enable sustained commercial growth over the long-term.”
Third Quarter 2024 Financial Results
Total worldwide revenue in the third quarter of 2024 was
Gross profit in the third quarter of 2024 was
Operating expenses in the third quarter of 2024 were
Net loss in the third quarter of 2024 was
Adjusted EBITDA loss in the third quarter of 2024 was
Cash, cash equivalents, and marketable securities totaled
2024 Financial Outlook
Pulmonx continues to expect revenue for the full year 2024 to be in the range of
The Company now expects gross margin for the full year 2024 to be approximately
Pulmonx now expects total operating expenses for the full year 2024 to fall within the range of
Webcast and Conference Call Details
Pulmonx will host a conference call today, October 30, 2024, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter financial results. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.pulmonx.com/. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, Pulmonx provides certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.
Constant currency calculations show reported current period revenues as if the foreign exchange rates remain the same as those in effect in the comparable prior year period. Pulmonx uses results on a constant currency basis as one measure to evaluate its performance. Pulmonx calculates constant currency by calculating current-year results using foreign currency exchange rates from the applicable comparable period in the prior year. Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management's financial and operational decision-making, including evaluation of Pulmonx’s historical operating results.
The Company defines Adjusted EBITDA as earnings before interest income or expense, taxes, depreciation and amortization and stock-based compensation and may also exclude certain non-recurring, irregular or one-time items not reflective of our ongoing core business operations, such as impairment charges. Management believes in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. Further, management uses adjusted EBITDA for strategic and annual operating planning. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance.
Reconciliation of these non-GAAP financial measures to the most comparable GAAP measures is set forth in the tables below.
The non-GAAP financial measures used by Pulmonx should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the company's reported results of operations, management strongly encourages investors to review, when they become available, the Company's consolidated financial statements and publicly filed reports in their entirety. The Company's definition of non-GAAP measures may differ from similarly titled measures used by others.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect our strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding our commercial strategy to grow the adoption of our Zephyr Valve treatment and expand our global treatable market, our expectations regarding the demand for Zephyr Valves, account activity and productivity, our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, profitability, guidance for full year 2024, commercial momentum, physician engagement and awareness of the benefits of the Zephyr Valve, the adoption by customers of our LungTraX Platform, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), including the Quarterly Report on Form 10-Q filed with the SEC on August 2, 2024, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, we undertake no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business.
About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD). Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System, LungTraX™ Platform, and StratX® Lung Analysis Reports are designed to assess and treat patients with severe emphysema/COPD who despite medical management are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, is included in global treatment guidelines and is widely considered a standard of care treatment option for improving breathing, activity and quality of life in patients with severe emphysema. For more information on the Zephyr Valves and the company, please visit www.Pulmonx.com.
Pulmonx®, AeriSeal®, Chartis®, StratX®, and Zephyr® are registered trademarks and LungTraX™ is a trademark of Pulmonx Corporation.
Investor Contact
Brian Johnston
Laine Morgan
Gilmartin Group
investors@pulmonx.com
| Pulmonx Corporation Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 20,387 | $ | 17,668 | $ | 60,024 | $ | 49,397 | |||||||
| Cost of goods sold | 5,361 | 4,639 | 15,613 | 13,045 | |||||||||||
| Gross profit | 15,026 | 13,029 | 44,411 | 36,352 | |||||||||||
| Operating expenses | |||||||||||||||
| Research and development | 3,744 | 4,220 | 13,569 | 14,184 | |||||||||||
| Selling, general and administrative | 25,411 | 23,985 | 75,129 | 70,184 | |||||||||||
| Total operating expenses | 29,155 | 28,205 | 88,698 | 84,368 | |||||||||||
| Loss from operations | (14,129 | ) | (15,176 | ) | (44,287 | ) | (48,016 | ) | |||||||
| Interest income | 1,269 | 1,490 | 4,016 | 4,027 | |||||||||||
| Interest expense | (891 | ) | (893 | ) | (2,665 | ) | (2,327 | ) | |||||||
| Other (expense) income, net | (201 | ) | (262 | ) | 179 | (316 | ) | ||||||||
| Net loss before tax | (13,952 | ) | (14,841 | ) | (42,757 | ) | (46,632 | ) | |||||||
| Income tax expense | 192 | 59 | 462 | 323 | |||||||||||
| Net loss | $ | (14,144 | ) | $ | (14,900 | ) | $ | (43,219 | ) | $ | (46,955 | ) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.36 | ) | $ | (0.39 | ) | $ | (1.11 | ) | $ | (1.24 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 39,276,447 | 38,119,824 | 38,953,032 | 37,838,822 | |||||||||||
| Pulmonx Corporation Condensed Consolidated Balance Sheets (in thousands) (Unaudited) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 63,312 | $ | 83,547 | |||
| Restricted cash | 258 | 237 | |||||
| Short-term marketable securities | 44,467 | 33,555 | |||||
| Accounts receivable, net | 11,670 | 12,105 | |||||
| Inventory | 16,959 | 16,743 | |||||
| Prepaid expenses and other current assets | 4,263 | 4,235 | |||||
| Total current assets | 140,929 | 150,422 | |||||
| Long-term marketable securities | — | 14,390 | |||||
| Long-term inventory | 2,266 | 2,580 | |||||
| Property and equipment, net | 2,983 | 4,028 | |||||
| Goodwill | 2,333 | 2,333 | |||||
| Intangible assets, net | — | 31 | |||||
| Right of use assets | 18,236 | 3,406 | |||||
| Other long-term assets | 654 | 591 | |||||
| Total assets | $ | 167,401 | $ | 177,781 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 4,576 | $ | 1,497 | |||
| Accrued liabilities | 12,779 | 16,234 | |||||
| Income taxes payable | 74 | 93 | |||||
| Deferred revenue | 109 | 104 | |||||
| Short-term debt | 99 | 2,155 | |||||
| Current lease liabilities | 663 | 3,074 | |||||
| Total current liabilities | 18,300 | 23,157 | |||||
| Deferred tax liability | 129 | 114 | |||||
| Long-term lease liabilities | 17,910 | 1,106 | |||||
| Long-term debt | 37,137 | 35,089 | |||||
| Total liabilities | 73,476 | 59,466 | |||||
| Stockholders' equity | |||||||
| Common stock | 39 | 39 | |||||
| Additional paid-in capital | 545,732 | 526,797 | |||||
| Accumulated other comprehensive income | 2,534 | 2,640 | |||||
| Accumulated deficit | (454,380 | ) | (411,161 | ) | |||
| Total stockholders' equity | 93,925 | 118,315 | |||||
| Total liabilities and stockholders' equity | $ | 167,401 | $ | 177,781 | |||
| Pulmonx Corporation Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change (in thousands) (Unaudited) | |||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||
| 2024 | 2023 | % Change | FX Impact % | Constant Currency % Change | |||||||||||||||
| United States | $ | 13,836 | $ | 11,838 | 16.9 | % | — | % | 16.9 | % | |||||||||
| International | 6,551 | 5,830 | 12.4 | % | 0.4 | % | 12.0 | % | |||||||||||
| Total | $ | 20,387 | $ | 17,668 | 15.4 | % | 0.1 | % | 15.3 | % | |||||||||
| Nine Months Ended September 30, | |||||||||||||||||||
| 2024 | 2023 | % Change | FX Impact % | Constant Currency % Change | |||||||||||||||
| United States | $ | 40,586 | $ | 32,197 | 26.1 | % | — | % | 26.1 | % | |||||||||
| International | 19,438 | 17,200 | 13.0 | % | 0.9 | % | 12.1 | % | |||||||||||
| Total | $ | 60,024 | $ | 49,397 | 21.5 | % | 0.3 | % | 21.2 | % | |||||||||
| Pulmonx Corporation Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP Net loss | $ | (14,144 | ) | $ | (14,900 | ) | $ | (43,219 | ) | $ | (46,955 | ) | |||
| Depreciation and amortization | 376 | 415 | 1,199 | 1,261 | |||||||||||
| Stock-based compensation | 5,839 | 6,003 | 17,432 | 16,503 | |||||||||||
| Impairment of capitalized software development costs | — | — | 1,717 | — | |||||||||||
| Interest (income)/expense, net | (378 | ) | (597 | ) | (1,351 | ) | (1,700 | ) | |||||||
| Provision for income taxes | 192 | 59 | 462 | 323 | |||||||||||
| Adjusted EBITDA | $ | (8,115 | ) | $ | (9,020 | ) | $ | (23,760 | ) | $ | (30,568 | ) | |||
FAQ
What was Pulmonx (LUNG) revenue in Q3 2024?
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How many new Zephyr Valve treatment centers did Pulmonx (LUNG) add in Q3 2024?
What was Pulmonx (LUNG) net loss per share in Q3 2024?
